Boom turns into gloom as IT firms restrict hiring

The IT boom is probably a thing of the past now. With the US and Europe staring at an economic slowdown, inquiries from foreign companies in the Indian and consequently Gujarat IT sectors have dried up in the past two months. The enviously fat salary packages which once lured young professionals are now off the table, due to the eroding margins and falling revenues of IT companies. Industry players say the decline in new jobs has been caused by rising inflation concerns in the local and client markets.